“The sudden collapse of
“The rising rate environment has increased the competition for liquidity and the price at which liquidity is available to meet funding needs. Our community-focused, relationship-building approach has helped us develop a diversified and stable deposit funding foundation that continues to perform well in a challenging macroeconomic environment,” said
BCB Bank’s strong capital position is a direct result of the Company’s history of producing a high level of retained earnings, and management’s prudent use of capital generated organically.
BCB Bank’s liquidity position is strong and the Company’s funding profile remains very diverse and continues to perform well despite the challenges posed by the rising rate environment. The Bank does not have any funding exposure tied to the crypto-sector or to venture capital technology-focused companies. The Bank’s deposit funding is segmented amongst a large number of consumer and commercial customers. The average deposit size was
“We believe that recent actions taken by
About BCB Bancorp, Inc.
Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has 27 branch offices in Bayonne,
Forward-Looking Statements
This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
In addition to factors previously disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission (the "SEC") and those identified elsewhere in this release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the inability to close loans in our pipeline; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; supply chain disruptions; any future pandemics and the related adverse local and national economic consequences; civil unrest in the communities that the company serves; customer acceptance of the Bank’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.
Contact: | |
President & CEO | |
(201) 823-0700 |
Source:
2023 GlobeNewswire, Inc., source